With major smartphone brands Apple and Samsung making a big entrance into the mobile payment business, the total revenue of the worldwide mobile payment market in 2015 reached US$450 billion, according to the global market research firm TrendForce.

By the end of 2016, the total revenue is estimated to arrive at US$620 billion, representing a massive growth of 37.8% year on year.

Apple Pay and Samsung Pay especially have been scrambling to China, which makes up a huge slice of the mobile payment market. The rival service providers both struck a deal with the government-run Chinese bank-card payment processor China UnionPay earlier this year. Hence, Chinese iPhone and Samsung phone users will be able to make mobile payments this year, provided that their models are of the latest generation with upgraded software.